Bitcoin Breaks Consolidation and Surges to $44K
After consolidating around $42,000, Bitcoin has finally made a move and jumped to nearly $44,000. This upward movement has been accompanied by impressive gains in alternative coins like Solana and Cardano.
BTC Pushes to $43.6K
Over the weekend and the beginning of the week, Bitcoin remained relatively quiet, trading between $41,000 and $42,500. However, this consolidation phase ended when BTC surged to as high as $43,600 according to CoinGecko’s data. Currently, its value stands at around $43,400.
The push resulted in over $110 million in liquidations, with BTC trades accounting for almost 40% of the total share. Bitcoin’s market capitalization briefly reached nearly $860 billion before retracing to its current level of $850 billion. Its dominance over altcoins has increased to 52.6% on a weekly scale.
Solana (SOL) and Cardano (ADA) Show Strong Performance
Leading alternative coins have also had an impressive day on January 30. Solana (SOL) has gained 6%, reclaiming the $100 target, while Cardano’s ADA is experiencing an 8% price spike and aiming for $0.53.
Sui (SUI) reached an all-time high of $1.64 due to a partnership between Banxa and SUI Wallet. Its market cap soared to $1.8 billion, making it the 48th largest digital asset.
Other major altcoins such as Ethereum (ETH), Ripple (XRP), Avalanche (AVAX), Dogecoin (DOGE), Polkadot (DOT), and Polygon (MATIC) are also showing gains, although more modestly.
Total Cryptocurrency Market Cap Adds $50B in 24 Hours
In the past 24 hours, the total cryptocurrency market capitalization has increased by approximately $50 billion, reaching a total of $1.75 trillion.
Hot Take: Bitcoin Breaks Consolidation and Leads Altcoin Surge
Bitcoin’s breakout from its consolidation phase has not only resulted in its own price surge but has also led to significant gains in alternative coins. Solana and Cardano have shown particularly strong performance, with other major altcoins also experiencing positive movement. This upward momentum has contributed to a substantial increase in the overall cryptocurrency market capitalization. As Bitcoin continues to make significant moves, it remains a key driver of the crypto market as a whole.
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